The battle for the Oklahoma car-rental operator intensifies with the New Jersey-based group making a cash-and-shares bid valued at $46.50 a share – a 17% premium to Hertz’s proposal
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Avis Budget offers $1.3bn for Dollar Thrifty
Chris Viehbacher, the chief executive of Sanofi-Aventis of France, is poised to press ahead with a formal offer for Genzyme that could value the US biotech company at close to $19bn, people familiar with the matter said
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Sanofi set to make offer for Genzyme
Brit Insurance agreed to open its books to Apollo after the US private equity group submitted a third offer of £10.75 a share for the Lloyd’s of London insurer
(From Forbes.com) Last month the U.S. Supreme Court issued a highly anticipated opinion, City of Ontario, California v. Quon, which sheds some light on an often overlooked, yet important, issue in many corporations today: technology and network use policies. The case highlights the importance of using these policies to address a company’s right to access information created and sent using work-issued technology in connection with an employee’s expectation of privacy in the workplace. Taking into account this important decision, companies must create, implement and enforce these policies, ensuring employees are aware that their actions may be monitored. Read more.
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Privacy Vs. Technology In The Workplace
(From ABC.net.au) Wouldn’t it be great if rising demand on the health system led to an automatic increase in the health budget? Wouldn’t it be great if an increase in demand for peak-hour trains led directly to governments providing more of them? Wouldn’t it be great if governments responded to citizens need for services in the same way they respond to employers demands for more immigration. Australia has, we are told, a skills shortage. Presumably developing countries have much better education systems than ours as they, it seems, have a skills surplus. Does it seem a little bit weird that so many people from the rest of the world want to come to Australia for an education but, at the same time, so many Australian employers would prefer to employ people with skills obtained overseas? Does it seem strange that developing countries are better able to train doctors than a country like Australia? This does not mean that doctors from other countries should not be free to come to Australia if they wish to, but the idea that we have a shortage of doctors and other countries have a surplus is just absurd. The reality is that Australian governments have decided it is cheaper to let other countries invest in training and for us to poach them. Read more.
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For the love of profits: Australia’s skills shortage
Sunrise, FL—June 8, 2010 -
Gibson Dunn on GE's Oil-for-Food Fraud Case The American Lawyer … such settlement the SEC has struck with companies accused of paying kickbacks in the oil-for-food program, according to The Wall Street Journal. … and more
Strong demand for HTC’s Evo smartphone helped Sprint Nextel, the third largest US mobile network operator, add wireless subscribers for the first time in three years and report a narrower than expected loss in the second quarter
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Evo helps Sprint Nextel add subscribers
Obama to Congress: Aid small biz Politico The first lady's work space is a rarely-seen part of the White House. A provision of the Wall Street reform bill will affect women and minorities. … and more
A court-appointed examiner of the publisher’s 2007 buy-out found evidence of ‘dishonesty and lack of candour’ in the deal that led to the group’s insolvency
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Tribune deal marred by ‘dishonesty’
The world’s largest real estate consultancy reports the strongest growth in revenue and earnings since 2007 as it benefits from the global recovery in commercial property activity
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CBRE upbeat on global recovery
RushLimbaugh.com (subscription) Liberal Policies, Not Capitalism, Caused This Economic Condition RushLimbaugh.com (subscription) These people who are creative on Wall Street had to come up with ways to make these worthless mortgages worth something, so they created all this stuff. …
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Liberal Policies, Not Capitalism, Caused This Economic Condition – RushLimbaugh.com (subscription)
A leading Tomkins shareholder has expressed anger at the price and management incentive package in an agreed takeover bid from a Canadian consortium
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Tomkins investor angry at bid deal
Commercial lender reports second quarterly profit since emerging from bankruptcy protection and says it plans to restructure some high-cost debt
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CIT Group reports profit
(From Harvard Business Review) — Tony Hayward’s expected departure as CEO of BP today won’t be the biggest surprise; the surprise is that it’s taken so long. (I called publicly for his resignation some time ago.) The Case of Tony Hayward and the Gulf Oil Spill will be fodder for business school discussions for years to come, as a how-not-to-do-it guide for leadership when disaster strikes. Mr. Hayward must have studied management in a parallel universe, where a set of anti-rules for bad leadership are taught. Here’s what I imagine are those anti-rules. Deny and minimize problems. Drop any mention of the high-minded principles you announced at the beginning of your term, such as safety and a culture that puts people first. Sweep them under the rug as you play down the significance of the crisis. Or better yet, find someone else to blame—a supplier, a business partner, a lowly employee or two. Emphasize your own power and importance. Keep yourself front and center all the time. Rarely bring forward the rest of the team, nor even indicate that it’s a team effort. Make the story all about you. Talk about your heavy burdens and the costs to your life. When forced to acknowledge the true victims, pay lip service. Never apologize, and don’t even pretend to learn from your mistakes. Brush off public disapproval, and persist in the same mindless behavior that provoked criticism in the first place. Hang onto your job even when it’s clear you should go, in order to negotiate the highest severance package, whether you deserve it or not. Don’t even consider a deferred resignation to allow for smooth suggestion. Cling to power, and keep everyone guessing to the very end. Just reverse these rules, and the outcome could have been different. Good leaders must face facts, prepare for the worst case scenario, draw on the whole team, show constant concern for stakeholders, acknowledge mistakes and not make the same ones twice, and do the honorable thing if getting in the way of company progress. BP, in fact, mobilized thousands of employees and former employees from around the world to work on the Gulf Oil spill; the saga of Mr. Hayward now seems peripheral to the main action. Read more.
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Leadership Tips from Tony Hayward (or Not)
(From Gradkin Blog) — With the current view that the generational gap in the workforce is as wide as ever, it’s spurred a recent push by companies to better understand the Gen-Y recruitment landscape. Many companies that had previously been satisfied with their talent management strategies, now realise that methods of old aren’t as applicable anymore. Graduate recruitment like other functions of a business needs to evolve with time. Human Resource professionals globally are in a constant state of incertitude as they try to figure out the answer to “How do we attract Gen-Y talent?”. The reason for the uncertainty really lies in a lack of understanding of today’s millennials. When you can get inside their head though and understand exactly what motivates them, tailoring your recruitment processes around it leads to a winning attraction strategy. The issue is complicated further with a War for Talent reemerging as the global economy recovers. Not only are employers desperate to attract the right talent, they do so in an increasingly competitive job market – start-ups, SMEs and MNCs are all fighting over the best talent and the companies with the most persuasive stories win. So, how exactly do companies ensure they stand out when attracting Gen-Y talent? Read more.
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4 Steps to Attracting Gen-Y Talent
Congressman Boehner answers a question from John in Liberty Township, who asks, “When are we going to really focus on financial reform and go after Fannie Mae and Freddie Mac? … and what your saying may not be totally correct and if some of it is, then blame the politicians there who control the flow of funds or who gets what contracts.. look at the BIG DIG in Massachusetts.. what a scam that is.. how do you go over budget by a few billion dollars and get away with it ? …
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Constituent Mailbag: Your Questions Answered On Financial …
Fannie shares jumped 18% to 32 cents, while Freddie gained 16% to 36 cents. The companies have lost almost all their market value after slumping house prices and surging mortgage defaults forced the U.S. government to take them over in 2008 . … This scam began not long before the peak of the housing market.. Now, there are many people who have lost jobs which affects credit ratings which allows the insurance companies to raise rates. It seems as though what is happening …
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VACANCIES 'R' US – The Burning Platform, financial collapse …
Categorized | Trusts, assignment of mortgage, chain in title, fannie mae, foreclosure, foreclosures, mortgage, non disclosure, servicers, trustee, truth in lending act …. S.E.C., saxon mortgage, scam , securitization, servicers, settlement , sewer service, shadow foreclosures, shapiro & fishman pa, short sale, siva, spear & hoffman, Steven J Baum, steven mnuchin, stock, STOP FORECLOSURE FRAUD, stop foreclosure fraud, stopforeclosurefraud.com, sub-prime, Supreme Court …
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Fannie Mae Requirements for Document Custodians |
Anyway You Cut It – Sales Just Aren't Cutting It Forex Hound (blog) As a long-time market-watcher, I get a kick out of those countless Wall Street “experts” who focus so slavishly on “the number. … and more
'Stranded traveler' e-mail scam hitting computers Naples Daily News Allison Blankenship awoke one morning to a flurry of phone calls from back home in Naples. Friends and family were concerned she had been robbed and left … and more
Marcophiles: Local couple brings home another national dancing prize Naples Daily News And they left with a now dry work ready to hang at home in Atlanta. “The best part for the whole day, for me, was the big hug I got and many thank yous from … and more
Examiner.com Citibank iPhone app accidentally saves personal information Examiner.com The Wall Street Journal reports that the Citicard iPhone app has a glitch in it whereby it has saved personal account information. … and more
Here is an interesting translation of a Chinese article regarding textile work and vacant cities in China. My “China Friend” who wants to remain anonymous writes … Hello Mish In Yangzi Delta Region alone, there are dozens of so called “International Garment Cities”. These cities are built under the direction of a local government investment plan. In many cases, huge parcels of land are sold to real estate developers, who promote the sale of individual shops which are to be built …
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Implosion of the China "Fabric City" Frenzy
Minnesota, God and the $190 million fraud CNNMoney Kiley called his listeners “truth seekers” and appealed to their distrust of Wall Street and the government. Cook said that he could trade currencies with …
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Minnesota, God and the $190 million fraud – CNNMoney
Wall Street businesses have returned money to Ohio, but Richard Cordray … PolitiFact It's good politics to present yourself as fighting for the little guy against the corrupt corporate behemoths of Wall Street . Ohio Attorney General Richard … and more
Financial reform law will reward whistle-blowers Omaha World-Herald WASHINGTON — The new financial reform law has what some lawyers call a secret weapon against fraud on Wall Street and in corporate America: the promise of … Paid to Whistle CFO.com Magazine all 2 news articles
Bobsguide (press release) Wall Street Still Doesn't Have a Sheriff New York Times THE current range of opinion on the Securities and Exchange Commission's $550 million settlement in the Goldman Sachs fraud suit lines … SEC makes Goldman man up The News Journal It's a Start WebCPA all 9 news articles
Technology Digital Dell Pays $100 Million to Settle Fraud Charges From SEC TMCnet As per the SEC regulators, Dell used payments from semiconductor giant Intel (News – Alert) to boost its profits to meet Wall Street earnings targets, … Dell pays $100m in SEC false accounting case AccountingWEB.co.uk Shonky Dell Still Wants To Trade With JB Hi Fi SmartHouse all 15 news articles
' Work -at- home ' scam snared Elgin mom The Courier News Perez found herself caught in what the Better Business Bureau calls a ” work -at- home scam .” It took Perez months of phone calls and complaints to untangle … Better Business Bureau's tips for storm victims ABC7Chicago.com all 4 news articles
Morgenson: Seeing vs. Doing New York Times (blog) But for the Wall Street banks whose financing of the subprime mortgage machine placed them at the center of the credit crisis, it's becoming clear that a … Gretchen Morgenson: Wall Street Refused To Stop Shady Practices In Order To … Huffington Post (blog) all 4 news articles
Inquiring minds are once again digging deep into money supply questions. They are intrigued by the fact that money supply measures M2 and TMS1 are plunging towards zero, while TMS2 is still sporting a hefty 10+% year-over-year growth. TMS stands for “True Money Supply”. The suffix (1 or 2) stands for alternate measures, one including savings accounts and the other not. M2 is a widely used Fed aggregate for money. This looks technical (and it is), but please bear with me. I can …
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Money Supply Divergence – TMS1 vs. TMS2 vs. M2 – What does it Mean?
Like most politicians, Treasury Secretary Tim Geithner likes to talk out of both sides of his mouth, generally saying contradictory things in sound bites that may sound reasonable at first glance, but look idiotic upon closer inspection. For example please consider Private sector must drive economy: Geithner During an interview on NBC’s “Meet the Press,” Geithner also said the government has big plans for reforming Fannie Mae and Freddie Mac, the housing finance giants that now …
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Hypocrite Geithner Says Private Sector Must Drive Economy
Here is something a bit different for lighthearted weekend reading that I just stumbled upon: Writing For Readers — 5 writing styles for maximum impact by Dave Doolin. Millions of blogs now inhabit the internet. It seems like there are a million different writing styles as well, with the writing ranging from amazingly awesome to painfully poor. As it turns out, a small number of article styles predominate on the blogs with the best writing and most popular content: Snackable: Seth Godin, …
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Five Writing Styles For Blogs
The Economist (blog) Fox News's 50-state Southern strategy Salon I was home . The attempted slur was silly. The most important point is this: Fox News has, sadly, become the purveyor of a 50-state “Southern strategy,” the … Rush: 'Breitbart was exactly right' Big Government (blog) all 3,017 news articles
Literary agent’s sale of book rights to Amazon viewed as watershed moment for the industry in the digital age
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Wylie’s split with publisher seen as bad omen
As many as five US banks failed to report hundreds of billions of dollars in credit derivatives bought from foreign counterparties during 2009, leaving those risks below the radar of regulators in the US and Europe
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Alarm at banks’ unreported risk
Apollo Management, which last year looked likely to be one of the victims of the global financial crisis, has staged a strong recovery, in large part due to the way it has taken advantage of the rally in debt markets and its strength in investing in distressed companies
Video Games You Can Win People are wasting massive amounts of time on video games with dozens of levels and components that need to be mastered. I have found a solution. Video games easy to master. Here are some examples of video games you can win. Mike “Mish” Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post ListMike “Mish” Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. …
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Sunday Funnies 2010-07-25 Reflections on the Middle Class
Here is an interesting pair of stories at odds with each other, the first article is about problem loans at Chinese banks, the second is about a rating agency mud fight. Bloomberg reports Chinese Banks See Risks in 23% of $1.1 Trillion Loans Chinese banks may struggle to recoup about 23 percent of the 7.7 trillion yuan ($1.1 trillion) they’ve lent to finance local government infrastructure projects, according to a person with knowledge of data collected by the nation’s regulator. About …
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Chinese Banks Face Default Risk on 23% of $1.1 Trillion Loans; Chinese Rating Agency Criticizes Moody’s, Fitch, S&P
Personal Financial Management mortgage scam hearing · SBA Low-Interest Disaster Loans · Hillary Clinton on No Child Left Behind and College Loans · Home Loan Predictions for 2010 – Sam White · Freddie Mac En Español …
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Personal Financial Management mortgage scam hearing | Zunley
The last day of April and the end of the first-time buyer tax holiday was expected to be a dark day for US housebuilders. Yet few anticipated how sharply activity levels would fall once government support was removed
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Housebuilders hit by US tax credit hangover
Love on the Other Side of The Street – Can Hope Conquer Wall Street's Woes? Huffington Post (blog) In an attempt to restore my own hope, I gathered with friends to bring some Love to Wall Street . The purposeful venue was the terrace of 15 Broad Street in …
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Love on the Other Side of The Street – Can Hope Conquer Wall Street’s Woes? – Huffington Post (blog)
“I think we’re not going to preserve Fannie and Freddie in anything like the current form,” Geithner said on “Meet the Press.” “We’re going to have to bring fundamental change to that market.” Investor’s Business Daily makes clear that it is not …. The anatomy of a scam , new Geitner book. So when will the journolists ever do any real questioning? NEVER right? Looks like the governed has some ass kicking and then trash to take out. Do they everybody in America has turned …
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Michelle Malkin » Putting the tax in tax-and-spend liberalism
Couple's car scam runs out of gas phillyBurbs.com When police set up surveillance of the Russian couple's home , Corvettes, Audis and other high-end cars backed into the driveway where young men tinkered …
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Couple’s car scam runs out of gas – phillyBurbs.com
Pelosi: Obama was Happier about Health Care than Getting Elected CBS News This is apparently something that the over-educated meathead Obama just couldn't understand – before he rammed his Socialist Obacare scam down our throats. … and more
Why is Face the Nation hosting John Fund despite his history of falsehoods? Media Matters for America On July 25, Face the Nation will host Wall Street Journal columnist John Fund, who has pushed phony allegations that the Justice Department engaged in … and more
Washington Post Digging into finance's pay dirt: The risky business of payday loans and more Washington Post Chris Dodd's bill “financial reform” and started calling it ” Wall Street reform.” Most of the headlines and news releases on the sweeping legislation …
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Digging into finance’s pay dirt: The risky business of payday loans and more – Washington Post
Tack on another month of no progress with weekly unemployment claims. The 4-Week moving average is still hovering around the 450,000 to 460,000 level where it was in mid-December 2009. Please consider the Unemployment Weekly Claims Report for July 17, 2010.In the week ending July 17, the advance figure for seasonally adjusted initial claims was 464,000, an increase of 37,000 from the previous week’s revised figure of 427,000. The 4-week moving average was 456,000, an increase of 1,250 from …
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Four-Week Moving Average of Weekly Unemployment Claims Holds Steady near 460,000, No Progress for Seven Months
In response to Bernanke Says Economic Outlook is “Unusually Uncertain”, Fed Prepared for “Actions as Needed” I received this comment from “Economics Teacher”. ET Writes… Ben is forecasting uncertainty and saying the Fed’s prepared for action as needed. Did Uncle Ben strain his cerebrum coming up with that one (forecasting uncertainty)? I suppose there’s a difference between “unusually uncertain” and “typically uncertain.” Either way it …
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Bernanke is "Unusually Uncertain" – Is that an Improvement?